In the evolving world of equity investing, Flexi-cap PMS (Portfolio Management Services) have increasingly become the go-to choice for high-net-worth individuals looking for personalized wealth management with the flexibility to invest across market capitalizations. These strategies allow fund managers to freely shift between large-cap, mid-cap, and small-cap segments based on market opportunities, macroeconomic cues, and valuation comfort.

As of March 2025, several flexi-cap PMS strategies have outperformed broader indices, thanks to tactical allocations and well-executed stock selection. In this article, we explore the top 3 performing flexi-cap PMS strategies based on their one-year return and investment philosophy.

1. Investsavvy Portfolio Management LLP – Alpha Fund

• 1-Year Return: 59.00%
• Category: Flexi-cap (Multicap Allocation)
• Investment Style: Quantitative + Fundamental
• Key Sectors: Technology, Consumer Discretionary, Manufacturing

Overview: Investsavvy’s Alpha Fund has topped the flexi-cap PMS charts with an impressive return of 59% over the past year. The fund blends quantitative screening with fundamental research to identify high-growth opportunities across sectors. Its agility in moving from large to mid-cap themes and early entry into manufacturing-linked PLI (Production Linked Incentive) stocks has worked exceptionally well.

What worked:

• Timely exit from underperforming large caps
• Strong alpha generation from lesser-known midcaps
• High conviction in new-age tech and green energy stocks

Fund Manager View: The fund believes the India growth story in 2025 is driven by domestic consumption, supply-chain localization, and selective global export plays—something reflected in their current allocation.

2. JM Financial Services – India Resurgent Portfolio Series III

• 1-Year Return: 44.20%
• Category: Flexi-cap
• Investment Style: Contrarian + Turnaround Investing
• Key Sectors: Banking & Financials, Industrials, Auto Ancillaries

Overview: The Resurgent Portfolio Series III has carved a niche for itself by identifying turnaround stories—companies with beaten-down valuations but sound fundamentals. Its unique blend of mid and large-cap exposure gives it downside protection as well as upside potential.

What worked:

• Accumulation of underpriced PSU banks ahead of the broader rally
• Allocations to defense-related industrials and logistics
• Timely increase in exposure to NBFCs and auto parts leaders

Fund Manager Philosophy: Their philosophy centers around risk-adjusted returns and bottom-up stock selection. They aim to identify businesses with potential earnings surprises over the next 2–3 quarters and re-rate triggers.

3. Asit C. Mehta Investment Intermediates – ACE Multicap PMS

• 1-Year Return: 43.70%
• Category: Flexi-cap
• Investment Style: Quality Growth
• Key Sectors: Healthcare, Technology, Specialty Chemicals

Overview: Asit C. Mehta’s ACE Multicap fund has consistently delivered results through disciplined investing in quality businesses. Their core principle is to hold a concentrated portfolio of companies with strong balance sheets, high ROE, and clear earnings visibility.

What worked:

• Defensive tilt during volatility phases
• Early entry into specialty chemicals and pharma exporters
• Relatively low portfolio churn

Fund Manager View: ACE believes in letting compounding work through market cycles. Their flexi-cap approach allows them to shift from high-beta plays to stable compounding ideas as needed.

Sector and Market Context

The period from April 2024 to March 2025 witnessed significant market volatility, with global rate uncertainty, geopolitical tension, and commodity-driven inflation affecting investor sentiment. Despite this, the Indian markets remained relatively resilient. The Nifty 50 TRI gained over 6.3% in March 2025, while the S&P BSE 500 TRI surged 7.3%, signaling strong broad-based participation.

Flexi-cap strategies, by design, leveraged this environment well. Unlike large-cap-only funds, flexi-cap PMS had the liberty to explore alpha in mid and small-caps while staying partially hedged through stable large-cap allocations.

Should You Consider Flexi-Cap PMS in 2025?

If you’re a long-term investor with a portfolio size of ₹50 lakh or more, PMS could be a compelling proposition—especially flexi-cap strategies. They offer:

• Tactical flexibility in asset allocation
• Custom portfolio curation
• Transparency and direct stock ownership
• Dedicated relationship managers and performance reporting

However, investors must also consider:

• Higher expense ratios compared to mutual funds
• Taxation at individual security level
• Manager dependency and portfolio concentration risks

Conclusion

The top 3 flexi-cap PMS strategies as of March 2025—Investsavvy Alpha, JM Financial’s Resurgent Portfolio, and ACE Multicap—have stood out due to their proactive market stance, sector rotation, and disciplined risk management. While past returns should never be the sole deciding factor, these funds do showcase what smart allocation, agility, and research can achieve in volatile markets.

If you’re considering diversifying beyond mutual funds and want a customized, high-touch investing experience, exploring flexi-cap PMS could be a prudent next step.

Published by Paisonomics.com – India’s trusted voice in market insights and wealth strategies.

Sources: PMS Bazaar, Moneycontrol, LinkedIn PMS Performance Tracker (March 2025), SEBI Disclosures.

Disclaimer: The PMS return data mentioned is based on information available as of March 31, 2025. Readers are advised to verify figures from official PMS disclosures and consult with a financial advisor before making investment decisions.